TELS Corporation Announces Results of Nasdaq Hearing
PR Newswire - October 05, 1998 12:37
AMERICAN FORK, Utah, Oct. 5 /PRNewswire/ -- Stephen M. Nelson, President of TELS Corporation (Nasdaq: TELS), announced that effective September 30, 1998, pursuant to a hearing on July 23, 1998 by a Nasdaq Listing Qualifications Panel ("the Panel"), and subsequent communications between the Company and Nasdaq staff, that the Company has been notified by the Panel of their decision being made to delist the Company's securities from the Nasdaq Small Cap Market. The hearing by the Panel was held at the Company's request to consider the issues pertaining to the Company's common stock not being in compliance with the minimum bid price requirement of $1.00.
The Panel has indicated that the Company may request a review of this decision by the Nasdaq Listing and Hearing Review Council within the next 15 days, and/or the Review Council may, on its own motion determine to review this decision within the next 45 days. The Company intends to continue its activities and discussions with investors, consultants and legal counsel in an effort to continue to build the Company and has not made any decisions concerning the review process.
Nevertheless, barring a change in the Panel's decision, the Company anticipates that the securities of the Company will be listed on the OTC Bulletin Board. The OTC Bulletin Board is run by the National Association of Securities Dealers ("NASD") and is maintained by Nasdaq as an electronic trade-and-quote-reporting forum. The Company believes that its shareholders will be able to trade their shares on this system in the future. The Company has received communications from several of its current market makers of their intention to support the Company's stock on the OTC and the Company is optimistic that the NASD's efforts to beef up the reporting standards of the OTC will provide a professional and well regulated forum for TELS' securities.
TELS Corporation through its subsidiaries, designs, builds, assembles, sells and services call accounting and other telecommunications systems. The Company also assembles electronic systems on a contract basis, as well as designs, sells and services computer software products. For additional information contact TELS Corporation at 705 East Main Street, American Fork, UT 84003, Phone: (801) 756-9606, FAX: (801) 756-9135, website: telscorp.com.
SOURCE TELS Corporation
/CONTACT: Stephen M. Nelson, President, 801-756-9606, or Debbie Goodman,
Investor Relations, 801-756-9606, ext. 3303, both of TELS Corporation/
/Web site: telscorp.com
(TELS)
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